ESTIMATED CLOSING COSTS - Tennessee

(These figures are informational, and only estimates. For a more accurate estimate please contact one of our mortgage consultants. Closing costs can sometimes be financed and occasionally on purchases can be paid by seller if negotiated into the sales contract. Ask your mortgage consultant for more information.)

CUSTOMARY CLOSING COSTS

1-4 FAMILY & CONDO PURCHASES:
There may be ways to finance closing costs. Ask your mortgage consultant how.

UP-FRONT FEES:
APPRAISAL: $275 and up (higher for investment and 2-4 family properties, and those valued over $500,000, waiver may be available depending on lender)


CLOSING COSTS:
LOAN ORIGINATION FEE: Up to 1% of borrowed loan amount, negotiable
APPLICATION FEE: $0-$300 (depending on lender)
CREDIT REPORT: $0-$25 (may be waived)
FLOOD CERTIFICATION: $5-$30 (depending on lender)
TITLE INSURANCE PREMIUM: Purchase Price:
0.525% of Loan Amount Borrowed. Lender's & Owner's Coverage is required. The Lender's Coverage gives insurance coverage on the mortgage loan amount borrowed. The Owner's Coverage gives insurance coverage up to the purchase price.

RECORDING FEE: $100 (depending on County)
SURVEY FEE: $300-$500 (not applicable to condos, buyer or seller may pay, not always required)
PEST INSPECTION: $50-$100 (buyer or seller may pay, not always required)
PROPERTY INSPECTION: $150-$500 (buyer pays usually, not always required)
TAX SERVICE CHARGE: $60-$130 (depending on lender)
DOC PREP/UNDERWRITING/ COMMITMENT FEE: $0-$995 (depending on lender)
PROCESSING FEE: $150-$500
CLOSING FEE: $175-$500 (depending on title company or closing agent)
ADD EXAM FEE: $125-$150 (depending on title company or closing agent)
INTANGIBLE TAX: .00465 of Loan Amount
COURIER FEE: $30-$50
WIRE FEE: $29-$50

PER DIEM INTEREST:
As a result of there being no mortgage payment due the first month following your closing; at the closing you must pay simple interest covering the period from the day of the closing through the end of the month.

PROPERTY TAX & HOMEOWNERS INSURANCE ESCROWS: A calculation will be done at the closing to determine the amount of money that will need to be initially deposited into your escrow account. The actual amount will depend on the dollar amount and timing of the first tax payment coming due. The bank will need to make certain that there will be sufficient funds on account to make this first payment. Generally speaking, you can expect this amount to range anywhere from 4 to 6 months worth of payments.

 

1-4 FAMILY & CONDO REFINANCES:
There may be ways to finance closing costs. Ask your mortgage consultant how.

UP-FRONT FEES:
APPRAISAL $275 and up (higher for investment and 2-4 family properties, and those valued over $500,000, waiver may be available depending on lender)


CLOSING COSTS:
LOAN ORIGINATION FEE: Up to 1%, Negotiable
APPLICATION FEE: $0-$300 (depending on lender)
CREDIT REPORT: $0-$25 (may be waived)
FLOOD CERTIFICATION: $5-$30 (depending on lender)
TITLE INSURANCE PREMIUM: Purchase Price:

0.525% of Loan Amount Borrowed. Lender's & Owner's Coverage is required. The Lender's Coverage gives insurance coverage on the mortgage loan amount borrowed. The Owner's Coverage gives insurance coverage up to the appraised value.

RECORDING FEE: $100 (depending on County)
TAX SERVICE CHARGE: $60-$130 (depending on lender)
DOC PREP/UNDERWRITING/ COMMITMENT FEE: $0-$995 (depending on lender)
PROCESSING FEE: $150-$500
CLOSING FEE: $175-$500 (depending on title company or closing agent)
ADD EXAM FEE: $125-$150 (depending on title company or closing agent)
INTANGIBLE TAX: .00465 of Loan Amount
COURIER FEE: $30-$50
WIRE FEE: $29-$50

PER DIEM INTEREST:
As a result of there being no mortgage payment due the first month following your closing; at the closing you must pay simple interest covering the period from the day of the closing through the end of the month.

PROPERTY TAX & HOMEOWNERS INSURANCE ESCROWS:
A calculation will be done at the closing to determine the amount of money that will need to be initially deposited to your escrow account. The actual amount will depend on the dollar amount and timing of the first tax payment coming due. The bank will need to make certain that there will be sufficient funds on account to make this first payment. Generally speaking, you can expect this amount to range anywhere from 4 to 6 months worth of payments. Note that any funds remaining in your escrow account with the previous lender will be refunded directly to you (usually within two weeks of the closing.)